Sean Healey’s US-listed Affiliated Managers Group, owner of stakes in a string of independently-led fund boutiques, generated net client inflows of $5bn in its final quarter to the end of December, taking the total it manages to $432bn and representing its11th gain in successive quarters.

Net inflows over the 12 months totalled $30.1bn. This resulted from gross inflows totalling $89.5bn, although this was offset by outflows of $59.3bn. Total assets under management rose from $327bn at the start of the year, also boosted by market rises and acquisitions.

Sean Healey, chief executive, said client gains were strong for his emerging market, global and alternatives managers. The managers which gained most included Tweedy Browne, Harding Loevner, Genesis, ValueAct and Blue Mountain. AMG’s best known boutiques in the UK include Artemis, best known for its equity expertise, and private equity specialist Pantheon.

To boost its distribution effort, AMG has opened offices in the Nordic region and Zurich. It has boosted resources in Germany and Switzerland. Its Hong Kong office recently won business from China and Korea.

AMG’s outflows were mainly from US equity boutiques. The difficulties faced by asset managers in living up to current market expectations were illustrated by rival US manager T. Rowe Price just before AMG’s results when it announced net outflows of $4.2bn from funds valued at $577bn, which include a range of US equity funds. This was T. Rowe’s first quarterly outflow since the third quarter of 2011. Its shares fell 1.5% to $71 on the news while AMG stock held steady at $145.

Over 12 months, AMG’s net economic income rose 16.5% to $409m before taking account of amortisation charges on prior acquisitions. Its net income from controlling interests, after amortisation, rose 5.4% to $174m.

Healey said: “Our forward new investment pipeline includes traditional, alternative and wealth management firms.” He said he was particularly optimistic about buying stakes in alternative managers, partly because it is hard for founders to pull off successful stock market floats at present.